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Four small issuers started trading in the past week, three of which can be included in our IPO statistics. A small deal was postponed (VCIG) and a few others were delayed (UCAR, GDHG, GMM).
it flushes technology (ISPR) downsized and valued midway to raise $19 million at a market cap of $369 million. Formed to acquire certain businesses of Chinese vaping brand and failed IPO candidate Aspire Global (ASPG) Ispire sells its tobacco products worldwide, excluding China and Russia. The company currently sources 99% of its products from a company owned by the CEO, but plans to use some of the proceeds from the IPO to expand manufacturing in Vietnam and California. Ispire finished up 1%.
Based in Singapore multi-way group (MWG) was enlarged and valued at midpoint to raise $18 million in a $77 million market Lid. Multi Ways supplies a wide range of heavy construction equipment to more than 100 customers in different industries and countries. Profitable and growing, its top five customers accounted for almost half of sales in the first half of 2022. Multi Ways is up more than 250% on its first day, its first IPO in 2023, but deflated in the aftermarket to gain 126%.
Malaysian IoT provider ARB IOT Group (ARBB) priced on the low end to raise $5 million on a market cap of $105 million. The fast-growing and profitable company focuses on IoT growth in ASEAN region and generates much of its revenue from IoT system development and IoT smart farming. ARB IOT Group closed down 2%.
Although not listed below, manufacturers of paper packaging International holdings of the Millennium Group (MGIH) raised $5 million on a market cap of $45 million. Millennium Group closed down 38%.
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Two small IPOs filed initial filings. American semiconductor company Guerrilla RF (OTCQX:GUER) applied for a $15 million uplisting on the Nasdaq and is a Singapore-based supplier of robotic cleaning equipment SIMPLY (SPPL) submitted to raise $9 million. In other pipeline news, Goldman’s MN8 energy (MNX) released updated financials ahead of its $100 million IPO.
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IPO Market Snapshot
The Renaissance IPO Indices are market capitalization weighted baskets of newly listed companies. As of 4/5/2023, the Renaissance IPO Index was up 13.4% year-to-date, while the S&P 500 is up 7.0%. Renaissance Capital’s (NYSE:IPO) IPO ETF tracks the index, and top ETF holdings include Snowflake (SNOW) and Airbnb (ABNB). The Renaissance International IPO Index is down 2.7% year-to-date, while the ACWX is up 7.4%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
Three companies are currently scheduled to be listed in the coming week, two of which are eligible for inclusion in our IPO statistics. Other small offers can also be added to the calendar during the week at the price.
While there are currently no significant offerings on the calendar, several in the pipeline have provided recent updates ahead of potential April launches. In the past week, Goldman Sachs MN8 energy (MNX) released 2022 financials ahead of its $100 million IPO. Other major issuers that have recently submitted updates include J&J’s consumer health unit kenvue (KVUE) and Cummins spin-off Atmus filtration (ATMU).
leftovers U power (UCAR) plans to raise $18 million in the coming week on a market cap of $368 million. The company develops battery swapping stations in China under the UOTTA brand, having originally started as a vehicle procurement service provider. U Power is highly unprofitable and has a limited operating history.
Cancer biotech from Singapore CytoMed Therapeutics (GDTC) plans to raise $11 million on a market cap of $51 million. The Company is developing three candidates based on a proprietary platform licensed by research and development agency A*STAR. CytoMed is currently completing a study with its lead candidate and plans to begin patient enrollment in the second half of 2023.
Although not listed below, early stage gold-copper miners US gold mines (USGO) plans to raise $15 million with a market cap of $117 million and offer units. The company, formed from the twice-listed GoldMining, is focused on exploring and advancing a project in Alaska. US GoldMining has no operating income and does not expect to generate any income in the foreseeable future.
| US IPO Calendar | |||
|---|---|---|---|
| issuer business | Market capitalization of transaction size | Price range shares submitted | Top book runner |
| U Power (UCAR) Shanghai, China | $18M $368M | $6 – $82,500,000 | West Park Capital |
| Introduction of automated battery exchange stations for electric vehicles in China. | |||
| CytoMed Therapeutics (GDTC) | $11M $51M | $4 – $52,412,369 | Benchmark Axiom Cap. |
| Singapore-based pre-clinical biotech developing gamma delta T cell therapies for cancer. | |||
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Editor’s note: The summary points for this article were selected by Seeking Alpha editors.
Editor’s note: This article covers one or more securities that are not traded on a major US exchange. Please be aware of the risks associated with these stocks.
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